Business
Flutterwave announces restructuring, lays off 24 workers
Flutterwave, a payment technology company, has laid off 24 workers, representing 3 percent of its workforce.
Olugbega Agboola, chief executive officer (CEO) of Flutterwave made the announcement in a statement on Monday.
According to Agboola, the move is part of its strategy to restructure and efficiently utilise the opportunities in its core business segments.
He added that the company made a data-backed decision to recommit resources to its core business; enterprise payments and has also committed to doing more with its growing remittance segment; ‘Send app’.
“Consequently, we’ve made the difficult decision to support the transition of 24 Wavers accounting for 3% of our workforce,” Flutterwave said.
“These Wavers are some of the most hardworking people you’d meet. We put in the work and I can confidently say that at Flutterwave, we have a competent workforce where everyone actively contributes.
“But once the data and the business is pointing us to a specific direction, it would be counterproductive for us not to listen and create the right mechanisms to move faster on the opportunities awaiting us.”
Agboola further said an average of three months gross salary, depending on the country where the employee is based, will be paid.
“We will also be monetising your unutilised accrued leave days. You will continue to have free access to our professional training platform for 12 months after your transitioning,” he said.
“We will be providing you with free outplacement service for 3 months. For Wavers with stock options, we will support you with an additional vesting period of 6 months.
“You will have 3 months of free healthcare. You will continue to have access to our mental health and career coaches for 3 months post transitioning.”
For remaining employees, the CEO said there would be a company-wide compensation review.
This includes a market-aligned base salary increase for most employees and a new performance-based bonus structure tied to individual and team performance metrics.
Agboola said this was in response to recent employee feedback and a thorough analysis of market trends.
In addition, Flutterwave said it is expanding its remittance service, SendApp, to new markets and exploring ways to personalise its enterprise payment solutions.
“We’re in the process of operationalising some of the additional licenses we’ve received, which means that more countries will come online, for both senders and receivers,” the company added.
“For our enterprise solutions, we’re experimenting with ways to provide faster and more personalised support.”
Agboola also said the company will continue improving its solutions and ability to give customers the best-in-class services they deserve.
Business
Court remands businessman Akintoye Akindele over $35m contract fraud
The federal high court in Abuja has remanded Akintoye Akindele, chief executive officer (CEO) of Duport Midstream Company Limited, at the Kuje correctional centre.
On Tuesday, Akindele was arraigned by the Economic and Financial Crimes Commission (EFCC) on a four-count charge bordering on money laundering and contract fraud.
The anti-graft agency accused Akindele of allegedly collecting $35 million from the Nigerian Content Development and Monitoring Board (NCDMB) to build a 2,000 barrel-per-day refinery, jetty, gas plant, data centre, and tank farm at Okpoama community in Brass LGA of Bayelsa state.
The EFCC alleged that Akindele received the funds through the bank account of Atlantic International Refinery and Petrochemical Limited and funneled the monies into four of his companies and bureau de change outlets.
The companies are Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., Adamantine Petrochemical & Refinery Ltd.
“That you, Akindele Akintoye, and Platform Capital Investment Partners Limited, between December 2020 and February 2021, within the jurisdiction of this Honourable Court, indirectly retained the sum of $16,006,000 (Sixteen Million, Six Thousand United States Dollars), being part of the funds dishonestly converted from the money paid by the NCDMB to Atlantic International Refinery and Petrochemical Limited as investment, knowing the said sum constituted proceeds of unlawful activity, thereby committing an offence contrary to Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012) and punishable under Section 15(3) of the same Act,” one of the counts reads.
The defendant pleaded not guilty to all the charges.
After the ‘not guilty’ plea, Ekele Iheanacho, counsel to the EFCC, asked the court to remand Akindele in the custody of the correctional centre and seek a trial date.
However, Emmanuel Esadio, counsel to the defendant, told the court that a bail application has been filed and served on the prosecutor.
In his response, Nwite said it will take a 48-hour period for the bail application to be considered.
Esadio requested that his client be remanded in the custody of the anti-graft agency.
However, Iheanacho opposed the request, arguing that the EFCC lacked adequate facilities.
The EFCC counsel said the defendant had demonstrated untrustworthiness by collecting his international passport and claiming that it is in the court’s custody.
“The defendant cannot be trusted. He has shown tendencies that suggest he may commit another crime,” Iheanacho said.
“Additionally, there is no medical evidence before the court to support claims of ill health.”
The trial judge remanded the defendant at Kuje correctional centre and adjourned the case to December 31, 2024.
Business
Kwara NLC seeks 50% tax reduction for workers
Kwara State Council of the Nigeria Labour Congress has appealed to Governor AbdulRahman AbdulRazaq to grant a 50 per cent downward review of the new tax policy of the state government for workers in the state.
It also appealed to the governor to extend tax holidays for employees in the state public service for another three months as done almost three months ago given the current hardship citizens are grappling with.
The state NLC Chairman, Muritala Olayinka, made the plea in a statement he signed and made available to Journalists in Ilorin on Tuesday.
Olayinka praised AbdulRazaq for prioritising the welfare of workers and pensioners with prompt and regular payment of salaries and allowances, describing it as a clear departure from that of the past administration in the state.
He noted that the governor has brought his leadership quality to bear with the execution of critical infrastructural projects that enhance the standard of living of the citizenry
While praying for good health and wisdom for AbdulRazaq to succeed in office, the NLC chairman reaffirmed the resolve of the organized labour to work with the present administration to achieve more milestones.
“On behalf of the entire membership of the Nigeria Labour Congress (NLC), Kwara State Chapter, I extend our profound gratitude for your exceptional leadership and unwavering commitment to the development of Kwara State and its people.
“Your Excellency’s dedication to workers’ welfare has not gone unnoticed. From the prompt payment of salaries and pensions to the execution of critical infrastructural projects that enhance the quality of life for all Kwarans, your administration has demonstrated an exemplary understanding of the challenges faced by the workforce and the general populace.
“We especially commend your continued efforts in improving healthcare, education, and social amenities, which are vital to ensuring the well-being and productivity of the people. Your inclusive governance and accessibility as a leader have set a standard worth emulating.
“As partners in progress, we reaffirm our support and cooperation in working with your administration to achieve more milestones for our beloved state.
“Once again, we appreciate Your Excellency’s tireless efforts and pray for your continued wisdom, good health and success as you steer Kwara State towards greater heights”, Olayinka said.
Business
NCAA sanctions five airlines over flight cancellations, missing luggage
The Nigeria Civil Aviation Authority (NCAA) has initiated enforcement action against five airlines, comprising two international and three domestic operators, for violating Part 19 of NCAA Regulations of 2023.
NCAA said the violations include failure to refund passengers within the stipulated timeframe, non-responsiveness to authority’s directives, incidents of missing and manhandled luggage, short-landed baggage, and issues relating to flight delays and cancellations.
Michael Achimugu, NCAA’s director of public affairs and consumer protection, confirmed it to TheCable on Tuesday.
Although Achimugu did not reveal the names of the sanctioned airlines, he explained that while airlines are not always at fault for flight disruptions, NCAA regulations mandate specific actions they must take during such instances.
He said failure to adhere to the directives results in varying levels of penalties.
The director noted the surge in passenger complaints about delays and cancellations during the festive season, attributing some disruptions to harmattan-related poor visibility.
“We all know that this is harmattan season, so there is poor visibility. Flights must get cancelled. This is force majeure, and the airlines do not owe passengers anything in those instances. The enforcement we are initiating today is on cases where the airline is deemed to have been at fault. More will come,” Achimugu said.
He added that the NCAA would summon the chief executive officers (CEOs) of all airlines this week for a meeting to address flight disruptions and regulatory breaches.
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